Renewable Energy- Argentina - Global Energy Network Institute

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Renewable Energy Potential of Argentina
1
November 2009
Peter Meisen
President, Global Energy Network Institute (GENI)
www.geni.org
peter@geni.org (619) 595-0139
Catalina Ruiz Gutierrez
Research Assistant, Global Energy Network Institute (GENI)
catalina.ruizgutierrez@gmail.com
1
http://en.wikipedia.org/wiki/Argentina
Table of Contents
Current Situation
Politics
Current Sources of Energy
Renewable Energy Potentials of Argentina
Legislation
Ongoing Projects
Argentina and its Neighbors
Conclusions
Biography
Page 3
Page 5
Page 8
Page 14
Page 18
Page 20
Page 22
Page 25
Page 26
Table of Figures
Figure 1: Aconcagua
Figure 2: Pumamarca
Figure 3: Tilcara
Figure 4: Iguazu Falls
Figure 5: Pampa Humeda
Figure 6: Bariloche, Patagonia
Figure 7: Caserolazo at the Pink House
Figure 8: Manifestation at Florida St
Figure 9: Farmers Act 2008
Figure 10: Farmers Act 2008
Figure 11: El Chocon, Hydroelectric Station
Figure 12: Argentine Demand. Market Statistics
Figure 13: Primary Energy Production
Figure 14: Map of Potentials per Region
Figure 15: Map of Hydro Potential
Figure 16: Map of Bio-Energy Potential
Figure 17: Map of Wind-power Potential
Figure 18: Power to Tender in the GENREN Program
Figure 19: Ongoing Renewable Energy Projects
Figure 20: South American Interconnection Agreements
Figure 21: Energy transportation in South America
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Current Situation
Argentina is located in South America. It has an area of almost 3.8 million square
kilometers (more than one third of the US), 2.8 on the continent. Approximately 54% are
plains (grasslands and savannahs), 23%, plateaus, and the other 23%, mountains. This
variety gives Argentina a great potential for almost all renewables sources of energy. It
shares borders with Uruguay, Brazil, Paraguay, Bolivia and Chile with a perimeter of
9,376 Km, while the territory bordered by the Atlantic Ocean is 4,725 Km long.
Argentina’s main characteristic is the enormous contrast between the immense eastern
plains, ideal for solar or wind power, and the impressive Andes mountain range to the
west, ideal for hydro and wind to some extent. The Andes are the frontier with Chile and
boast the highest peak in the Western hemisphere: the 6,959 m high Aconcagua.
2
Figure 1 Aconcagua
From Jujuy to Tierra del Fuego, the
Andes present marvelous contrasts: the
Northwest plateaus with solar potential,
the lake region with all its snowmelt
rivers perfect for hydro, the forests and
glaciers in the Patagonia.
To the northwest: Salta, Jujuy, Tucuman, the landscape changes completely. Its long and
sunny days make it an ideal spot for solar and bio-mass.
Figure 2 Pumamarca (7 Colours Hill)
Figure 3 Tilcara. At the very north of the country
3
4
2
http://www.summitpost.org/view_object.php?object_id=146685
http://en.wikipedia.org/wiki/File:Pucar%C3%A1_de_Tilcara_01.JPG
4
http://en.wikipedia.org/wiki/File:Cerro_de_los_siete_colores.jpg
3
3
To the northeast, Chaco is a forested area linked to rivers Bermejo, Salado and
Pilcomayo. Between the Paraná and Uruguay rivers, the Argentine Mesopotamia
(provinces of Entre Ríos, Corrientes and Misiones) is formed by low hills, where pools
and marshlands evidence the ancient courses of these great rivers. In some places within
the subtropical rain forest, there are fissures which provide such spectacular phenomena
as the Iguazú Falls.
5
Figure 4 Iguazú Falls
The Pampas, in the
central part of
Argentina, is the
largest and bestknown plains area.
Agricultural and
livestock activities
take place in this
area, which includes the province of Buenos Aires, the northeast of La Pampa, the south
of Córdoba and south of Santa Fe. To the south, the plains give way to small hills in
Tandil and de la Ventana, and to the west, to the Córdoba hills. The winds in this zone
are strong and constant year-round, making it a good spot for wind-power. This region is
also very rich in bio-mass and has potential for bio-fuel energy.
6
Figure 5 Pampa Humeda (Plains)
In addition to the central plains, the richest region for wind-power is towards the south of
the country. From the Andes to the sea are the sterile and stony plateaus of Patagonia,
swept by the wind during most of the year. The Atlantic coast, lined with high cliffs,
forms massive indentations like the Peninsula Valdés, with its spectacular and unique
colonies of sea animals.
5
6
http://en.wikipedia.org/wiki/File:Iguazu_D%C3%A9cembre_2007_-_Panorama_5.jpg
http://en.wikipedia.org/wiki/File:Campo_Departamento_Conhelo.jpg
4
Figure 6 Bariloche, Patagonia
The country’s territory offers a wide
variety of climates: subtropical in the
North, sub-Antarctic in the southern
Patagonia, and mild and humid in the
Pampas plains. Media temperature from
November to March is 23° C, and 12° C
from June to September.
Argentina’s current population is more
than 38 million, almost half of which
live in the city and the province of
Buenos Aires. This is a population
whose increasing demand for energy lies
distant from these renewable sources of energy. Thus, bringing renewable energy to
these urban populations requires a transmission grid. Population density calculated on a
national basis is 14 inhabitants per square kilometer.7
8
Politics
Argentina is a federal, presidential, representative, democratic republic, where the
President of Argentina is both head of state and head of government. This is, more often
than not, too much power concentrated in just one person. The current President is
Cristina Fernandez de Kirshner, the wife of the previous president Nestor Kirshner.
The republic is comprised of 23 provinces and the Federal District: Buenos Aires. The
provinces and federal district have their own governments, which makes it hard for
consensus on national matters.
During the 1990s, Argentina was regarded as successful in the developing world. It
received billons of dollars from foreign investors, inflation rates were low, and the
economy was one of fastest growing economies in Latin America. Argentina was a
model in international financial lending; it totally complied with the IMF advice.
In 2001, Argentina faced a huge crisis, first economic, then political, and it ended by
deeply affecting the entire society. By the end of that year, the government announced
that its foreign debt could not be paid back and billions of dollars in government
spending would be cut. This translated to government employees receiving a salary
reduction of 13% (Pastor and Wise 2001), while at the same time, unemployment
skyrocketed to nearly 20% (Stiglitz 2002). In one year, Buenos Aires fell from being the
most expensive city in Latin America to the cheapest city (Latin Trade 2003).
7
8
www.turismo.gov.ar/eng/menu.htm
http://en.wikipedia.org/wiki/File:Llao_LLao.jpg
5
The causes of the Argentinean crisis are
still subject to different opinions. Some
argue that it was due to the poor policy
advice from the IMF (Stiglitz 2002) and
others, the IMF among them, blame the
irresponsibility and corruption of the
Argentine government (Krueger 2002).
In fact, the sum of mistaken political
decisions, especially regarding the long
period in which the fixed exchange rate
was held, are among the causes that
everyone agrees on.
Figure 7: Caserolazo 2001 at the Pink House
(Government)
9
Argentina's economic crisis affected every level
of Argentine society and created an air of
uncertainty for the future of Argentina.
Argentine workers began to withdraw their
savings in pesos from banks in exchange for
U.S. dollars for fear that rising prices would
leave their savings worthless. To curb this cash
flight, the Argentine government limited cash
withdraws to $250 per month and froze bank
assets all together for short periods (Krauss
2001). Additionally, those who took out loans
in dollars were faced with repayments that Figure 8 Manifestation in Florida St. Buenos
nearly doubled due to the rising interest rates Aires
(Lewis 2002). This left people squeezed between rising prices, job uncertainty and
limited access to money. 10
Stunned by their nation's economic unraveling, Argentines took to the streets in Buenos
Aires in protest. The protest was described as a spontaneous demonstration of citizens
outraged by the lack of leadership their government exhibited (Evans 2003). The
magnitude of the protests and the level of public dissatisfaction with the government's
handling of the economy lead to the resignation of the President of Argentina, Fernando
de la Rua and the nation's Economic Minister, Domingo Cavallo.
After this huge crisis, Argentina somehow recovered, but there is a lot to be done yet.
Moreover since 2008, a public fight between the government and the farmers is taking
place and nothing has been done yet. The farmers are just making claim for what is theirs,
and the government insists on keeping a significant part of it through tariffs and
commerce barriers.
9
http://img213.imageshack.us/img213/244/foto14kg3.jpg
http://fourierlangues.fr/espagnol/public/Images/N-ALCAZAR/suramerica/.Cacerolazo_Argentina_20012002_m.jpg
10
6
As for the energy sector, this is mainly affected by the lack of flexibility in the
commander in chief, and his denial of dialog with some sectors discourages investments.
What is more, the current government does not favor foreign external investment, which
in other times has helped develop the industrial sector.
Figure 9: Farmers Act in Buenos Aires 2008
against a Government measure
As a consequence of this, the Head of State
is loosing popularity; for instance, the
official party lost the congressional elections
this year in almost every district. It’s very
likely that after 6 years of ruling the
country, the Kirshner era is over.
Figure10: Same Act in Buenos Aires, 2008
In addition, in the past few days (Nov,
2009), the social crisis is getting worse due
to the economic crisis the world is facing.
Nevertheless, as it’s a country quite used to
the crisis status, this latest crisis wasn’t as
hard as it was elsewhere in the world.
However, it has been really bad for the
whole country, but also it might be an
opportunity for a big change.
7
Current Sources of Energy
Argentine Electricity Sector: Background
In 1992 electricity was privatized. The
objective of the process was to
improve the quality of service.
At the end of 2001, as a result of the
economic crisis, many electricity
generators, transmission companies
and distributors deferred making
further investments in their networks.
To address this situation, the
government established cap prices to
the sector that have created a huge structural deficit in the operation of the wholesale
electricity market. For many years, no investments were made, and this is part of the
current shortages the country is still suffering.
In September 2006, the Secretary of Energy (Secretaría de Energía) issued Resolution
No. 1281/06 (“Energy Plus Program”). Through this resolution, companies that consume
more energy than in 2005 pay a price equivalent to the cost of generation plus a profit to
the generator which must be approved by the aforementioned Ministry. The goal of this
resolution is to foster new private, interested parties to invest fresh capital into the energy
sector in order to generate new energy sources. This is a great opportunity for renewable
energy project development.
Lastly, in January of 2007, the Executive
Branch ratified a tariff increase for industrial
and commercial clients of the two largest
electrical energy distribution companies of
the country, Edenor and Edesur, thereby
making official the agreements signed
between both companies and the national
state in 2005.
Figure 11:3 El Chocon. Hydroelectric Station
11
11
http://www.telpin.com.ar/interneteducativa/Proyectos/2002/PatagoniaArgentina/images/chocon.jpg
8
Wholesale Electricity Market Participants
The Argentine electricity sector consists of four main groups: generation, transmission,
distribution and large consumer companies.
Generators
As of December 31, 2007, Argentina’s installed power capacity was 24,352 MW. 54%
was derived from thermal generation (fossil fuel), 42% from hydraulic generation
and 4% from nuclear generation. This was provided by 40 private companies using
conventional thermal equipment and hydro generation technology, 2 bi-national
companies using hydro generation technology and one national state-owned company
using nuclear generation technology. This sector used to be subject to the free-market
forces. But in the past years, the government has taken part significantly in these
transactions, which has discouraged private investments.
Transmitters
Electricity is transmitted from power generation facilities to distributors through high
voltage power transmission systems. Transmission services are governed by the
Regulatory Framework Law and related regulations promulgated by the Secretariat of
Energy. In Argentina, transmission is carried at 500 kV, 220 kV and 132 kV through the
national interconnection system. The national interconnection system consists primarily
of overhead lines and sub-stations and covers approximately 90% of the country.
Distributors
Each distributor supplies electricity to consumers and operates the related distribution
network in a specified geographic area pursuant to a concession. Each concession
establishes, among other things, the concession area, the quality of service required, the
rates paid by consumers for service and an obligation to satisfy demand. They buy the
energy from the generators.
With the crises and the cap prices set up by the government, this industry started to
received subsidies… this generated a great level of inefficiency as there was no
motivation to do otherwise. As the government ran out of funds, the tariff increase was
approved in 2007, which did help, to some extent.
Large Consumers
The wholesale electricity market classifies large users of energy into three categories:
Major Large Users (Grandes Usuarios Mayores, or GUMAs),
Minor Large Users (Grandes Usuarios Menores, or GUMEs) and
Particular Large Users (Grandes Usuarios Particulares, or GUPAs).
Each of these categories of users has different requirements with respect to purchases of
their energy demand. For example, GUMAs are required to purchase 50% of their
demand through supply contracts and the remainder in the spot market, while GUMEs
and GUPAs are required to purchase all of their demand through supply contracts12
12
http://www.iredenor.com/argentine_electricity_sector
9
Argentine Demand (Summary of the stated above)
13
Figure 12: Argentine Demand. Market Statistics
14
13
http://www.iredenor.com/argentine_electricity_sector/market_statistics/
14
http://www.iredenor.com/argentine_electricity_sector/market_statistics/
10
Primary Energy Production in %
Figure 13: Primary Energy Production15
The above chart portrays the evolution of the primary sources of energy in Argentina.
There is a marked trend to the increase use of natural gas as a primary source. In addition,
the renewable sources have declined as the world awareness boosted, which is quite a
contradiction and a great challenge if something is to be done.
Another fact is that the Hydroelectric Power is declining, this might be caused by the
steadily rise in Natural Gas, but also because of the global warming. This phenomenon is
causing severe droughts in the region and they are forecasted to get even worse.
Generation and use of electricity in GWh thousands
1995
1996
1997
1998
1999
Net Generation
71,6
72,3
76,4
80,6
77,1
Hydroelectric
33,4
28,4
34,8
35,8
23,7
Nuclear
7,1
6,9
7,5
7,1
6,7
Wind and Solar
0,1
0,1
0,1
0,2
0,2
Conventional Thermal Power
31,0
36,8
34,0
37,5
46,5
Net Use
68,7
70,6
76,1
82,2
77,1
Imports
2,4
3,7
5,3
7,9
6,5
Argentina has 43 electricity generating stations. Their installed capacity is over 100 MW.
Moreover, there are many small generators located in remote places.
The 77,100 GWh were generated in the following way:
Conventional Thermal Power Stations (Most of them
use natural gas)
15
Argentina Energy Secretariat
11
60,3%
Hydroelectric Stations
30,7%
Nuclear Stations
8,7%
Wind and Sun Power
0,3%
Composition of Installed Capacity:
1999
Conventional Thermal Power Stations
12.880 MW
Hydroelectric Stations
9.350 MW
Nuclear Stations
1.018 MW
Small Stations
1.002 MW
Total
23.250 MW
Total Generation
77.100 GWh
Net Use
77.100 GWh
Thermal Power Stations
a) Combined Cycle Power Plants with gas turbines and installed capacity
Costanera
1.425 MW
Genelba
440 MW
Luján de Cuyo
431 MW
El Bracho
430 MW
Puerto Madryn
153 MW
General Lavalle
127 MW
b) Simple Cycle Plants with gas turbines:
Luis Piedra Buena
695 MW
Agua de Cajón
517 MW
Sorrento
388 MW
Loma de la Lata
369 MW
General Savio
180 MW
Ave Fénix
166 MW
Puerto Madryn
153 MW
Buenos Aires
150 MW
Hydra
136 MW
9 de Julio
130 MW
12
Dock Sur Segba
130 MW
Sur Oeste
124 MW
Refinería La Plata
123 MW
General Roca
123 MW
c) Conventional Steam Plants:
Central Puerto
1.009 MW
Pedro de Mendoza
383 MW
San Nicolás
350 MW
Guemes Powerco
313 MW
Pilar
216 MW
Dock Sur
211 MW
Necochea
122 MW
d) Hydroelectric Plants, installed capacity:
Yacyretá
2.700 MW
Salto Grande
1.890 MW
Piedra del Aguila
1.424 MW
El Chocón
1.227 MW
Alicurá
1.028 MW
Río Grande (por bombeo)
750 MW
Cerros Colorados
450 MW
Futaleufú
448 MW
Los Reyunos
224 MW
Agua del Toro
150 MW
Piedras Moras
145 MW
Uruguai
120 MW
Arroyito
120 MW
Cabra Corral
102 MW
e) Nuclear Plants, installed capacity:
16
Atucha I
360 MW
Embalse
658 MW 16
Ihttp://www.deyseg.com.ar/notas/actualidad/aanota35-politica.htm
13
Renewable Energy Potential of Argentina
As we had previously mentioned, the diversity in weather conditions and terrain make
each region very rich in one or more potential renewable energy sources. The following
maps present the renewable potential per region.
Potential per region
BIO-MASS
SOLAR
WIND POWER
BIO-MASS
SOLAR
BIO-MASS
SOLAR
BIO-FUEL
BIO-MASS
TRASH
BIO-GAS
BIO-FUEL
BIO-MASS
WIND POWER
Figure 14 Potential per Region
HYDRO
WIND POWER
HYDRO
WIND POWER
GEOTHERMAL
14
Hydro
The hydropower potential is located mainly in the Andes Mountain because of the
great currents generated by the rivers’ thaws in spring and summer. Another great
location are the Iguazú Falls (Fig. 5).
Figure 15: Hydro Potential
17
17
15
Bio-energy
Figure 16 Bio-energy Potential
18
18
16
Wind Power
The potential for wind power is large in the country. The greatest potential is
concentrated to the south of the country where the winds are constant year round.
Figure 17 Wind Power Potential
19
19
Regional Wind Power Center, Ministery of Federal Planification, Public Investment and Services.
17
Legislation
Law # 26.190, this law was sanctioned in the year 2006. Its main implicit aims are to:
 Diversify the main energy resources
 Reduce the cost of fossil fuels
 Create employment
 Promote investments
The explicit aims there are to:
 Establish the generation of energy out of renewable resources as a matter of
national interest.
 Set as an objective that in 10 years from now, 8% of the use of energy is supplied
out of renewable energy resources.
 Encourages the use of energy coming from wind, sun, geothermal, tidal, hydro,
bio-mass, gas from rubbish dumps and depuration plants and bio-gas.
 Establishes differentiated per source incentives for 15 years.
 Creates a fiduciary fund for renewable energies.
This law is a positive encouragement for the investments in the renewables sources of
energy. Nevertheless, the rules aren’t clear yet, so no major move has been made by any
private company.
A few months ago, a program was made public:
 GENREN program
By this program renewable sources of energy were put into tender
Power to tender
Pequeñas
Small
Hydropower
Biomasa Hidroeléctricas
60 Mw
100 Mw
Bio-Mass
Geothermal
Solar
Geotermia Solar
30 Mw 20 Mw
Bio-Gas
Biogás
20 Mw
Urban Waste
Residuos
Urbanos
120 Mw
Wind Power
Bio-fuels
Eólica
Biocombustibles
150 Mw
500 Mw
18
Figure 18 Power to tender in the GENREN Program
 Energía Argentina Sociedad Anónima (ENARSA)20 would invite tenders for
the acquisition of energy coming from renewable resources.
 Offers will be accepted up to 50 Mw.
 ENARSA will sell the energy to the Electric Market via 15 years contracts.
In this way they promote investment in the industry, it creates thousands of jobs
and reduces the emission of greenhouse gases.
Lastly, as part of the commitment the government is undertaking with renewables, in the
past year a program was implemented: Programa Nacional de Uso Racional y
Eficiente de Energía “PRONUREE”21
The results were the following:
 7 million of low-consumption bulbs distributed
 4 millon of homes reached
 18 millon of bulbs yet to be distributed
 Efficiency applied to the Public Lighting System in 140 city-councils
Even though, there is still a lot to be done in legislation matters, it is verly encouraging to
see that some action is taking place.
20
21
Argentine Energy Corporation
National Program for The Rational and Efficient Use of Energy
19
Ongoing projects22
This map is shown to portray some of the projects already functioning. Nevertheless,
when compared to the potential maps, they represent just a small percentage. There is a
lot of potential yet to be exploited.
Figure 19 Ongoing Renewable Energy Projects
22
20
Hydroelectric Stations in different project stages
El chihuido I
850
2.395
El Chiuido II
420
1.050
Alta Cuenca Collón Curá
706
2.910
Collón Curá
376
1.492
Segunda Angostura
120
450
Pichi Picún Leufú
251
1.020
Michihuano
617
2.923
Los Monos
77
227
La Leona
240
983
Carrenleufú
240
1.158
Río Santa Cruz
2.000
9.000
Garabí
900 (.)
3.125
Roncador
1.980 (.)
4.650
San Pedro
370 (.)
1.840
Corpus
4.600 (..)
20.100
Patí
2.857
15.530
Chapetón
3.000
18.625
Los Blancos I
324
802
Los Blancos II
150
390
Cordón del Plata
1.382
3.275
Stations Installed
Capacity
(MW)
Annual
Average
Energy
(GWh/year)
5.897
23.608
13.707
63.870
1.856
5.007
TOTAL
21.460
92.485
(.) bi-nacional stations: assigned power to Argentina (50%).
(..)bi-nacional station: Argentina will absorb the 100% of the power
400 MW can be added. Coming from the Yacireta level raising to 83 m. The costs will be
paid in four years of export.
21
Argentina and Its Neighbors
23
Researches and studies have been made to prove the possibility of integrating the
electricity market in the Mercosur countries. The efforts have been made especially by
Chile, who is very interested on this as it imports most of its energy.
Hugh Rudnick, professor at The Pontificia Universidad Católica de Chile, has
been conducting some researches and doing some presentations on the topic. One of his
core ideas is that all the countries have the same conditions in the sector:
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General liberalization and privatization
The trend to split business into accountable and legal
Regulations in the natural monopolies. Private initiative is given more importance
than the public one.
Capitalize on costs so as to offer a lower price
Interconnections tend to more and more free access
The electricity is a commodity and a special good
Transnational markets are the trend, so it would be very important to promote
integration among these countries. In addition, they have different uses and production,
so there might be an excess in one of them that another can take advantage of.
23
http://www2.ing.puc.cl/power/alumno02/sicsadi/Estudio_Bibliografico.html
22
In 1994, these were the uses of energy per country:
The following is a list of the existing networks:
· Argentina - Chile
Termoandes (not linked to the MEM 300
MW Line )
· Paraguay - Argentina
Yacyreta ( 1700 MW Generation Station)
Clorinda ( 80 MW Line )
· Paraguay – Brazil
Itaipu ( 12.600 MW Generation Station)
· Uruguay - Brazil
Livramento ( 70 MW Line )
· Argentina - Uruguay
Salto Grande ( 1.890 MW Generation Station)
· Argentina - Brazil
Paso de los Libres - Uruguaiana ( 50 MW Line)
Rincón - Garabi - Ita I
Rincón - Garabi - Ita II( 1000 MW line under construction)
Total Network Power (working, under construction and projected) = 5.023 [MW]
Total Installed Power (working) = 151.707 [MW]
The network power is still a small percentage if compared to the total installed power.
This presents another challenge for the region. Although some integration was attained,
there is so much to be done yet.
Figure 20 South American Interconnection Agreements. (Read SI for YES).
The chart shown above portrays the need of network development. This could be a great
opportunity for renewables.
23
The interconnection Agreements are beneficial for the following reasons:

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The Energy Exchange can satisfy demand in places with higher population
growth.
New technologies can be implemented.
There can be access to larger economies in a broaden market.
The regional resources can be used efficiently.
The quality of the service for end-users can be improved
Figure 21: Energy transportation in South America.
Fuente: Mercados Energéticos24
24
http://www2.ing.puc.cl/power/alumno02/sicsadi/Estudio_Bibliografico.html
24
Conclusions
After having conducted the research on Argentina, the findings were always around the
same idea: there is a lot yet to be done.
Argentina has great potential for renewables, mainly due to its varied geography and
climate throughout the country. An example would be that wind power farms could be
installed in more than half of Argentina’s Natural Territory.
Fortunately, the Government is starting to engage with the renewable cause.
Nevertheless, there are so many other matters in its agenda that the energy is not
receiving proper treatment.
For instance, in 2008 Argentina spent $1,800 millions USD buying fuel and thermal
energy from abroad. If 15% of that cost had been addressed to the purchase of wind
power, 700MW of wind power could have been installed, getting investments for over
$1,500 millions USD.
The previous, is a clear example of the Government attitude towards the renewables.
As the international crisis is starting to ease off and as people around the world are
getting more and more concerned about environmental matters, Argentina, and many
other underdeveloped countries, are potential destinations for investments for the
production on green energy.
Yet, the country being addressed has another challenge to face: to strengthen the links
with its neighbors.
25
Biography:
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http://www.deyseg.com.ar/notas/actualidad/aanota35-politica.htm
Programa “GENREN”, Ministerio de Planificacion Federal Inversion Publicas y
Servicios, May 2009.
Bretton Woods Project (2004). IMF's "role put into question": Argentina crisis
evaluation. 10th August 2004. Retrieved on 8/17/2004 at
<http://brettonwoodsproject.org/article.shtml?cmd[126]=x-126-65659>
Evans, Leslie (2003). "The Crisis in Argentina" UCLA Latin American Center,
April 2003 Retrieved on 8/17/04 at
http://www.international.ucla.edu/article.asp?parentid=3566
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